| Property | Two-bedroom period conversion flat (kept and let) |
|---|---|
| Location | Clapham, South West London |
| Client | Family with two children moving to a larger house in Surrey |
| Product | Let-to-buy mortgages |
The challenge
The family needed equity from their flat to fund the deposit on their new home, but wanted to keep it as a rental. The new residential mortgage would only be agreed once the let-to-buy was confirmed.
What we did
We arranged a let-to-buy remortgage on the flat, releasing equity for the deposit, with the rent covering the lender's stress test. At the same time we arranged the residential mortgage on the new house, so both lenders saw the full picture. Solicitors were briefed to complete both transactions on the same day.
The outcome
Both mortgages completed on the same day, and the family moved without selling the flat.
Let-to-buy mortgagesLet your current home and buy your next one, with two mortgages arranged together.
Learn moreImportant: Most buy-to-let mortgages are not regulated by the FCA. Your property may be repossessed if you do not keep up repayments, and a receiver of rent may be appointed.